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US Economic System
Updated: 12/12/2019
US Economic System
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Storyboard Text

  • Hey are you Abe Lincoln?
  • Let's start with the four important principles of the U.S economic system.
  • Well let me enlighten you, my child.
  • Uhhh... No I'm an uneducated farmer. You look familiar.
  • Yes, you can even sell the house, and if you invent something, you have the right to own, sell and use it.
  • First, we have private property, the idea that you can own, use, or dispose of things of value.
  • So I can own a house?
  • We also have the principle of freedom of choice, the fact that you can make economic decisions independently.
  • Yes, but remember, you must accept the consequences of those decisions.
  • What?! So I can buy, produce and sell, work, and make my own decisions?!
  • Umm...anyway... the third principle is profit, that businesses supply goods and services to the market for one reason: to earn money.
  • This is a cutthroat world.
  • What?? So they only care about the money left after subtracting the operating costs?
  • You are so wise. Are you sure I don't know you?
  • Finally we have competition, rivalry among businesses to sell their goods and services to buyers.
  • Well actually, it improves the quality of business and keeps prices reasonable
  • Oh no. That sounds bad.
  • Wow! I AM SUCH A HUGE FAN. Can I get an autograph? Oh, I forgot to mention I am Jesus.
  • Wow. I learned so much about the U.S economic system. Who knew how complex and organized the system was? I also have a confession: I AM ABE LINCOLN!
  • Oh that's pretty cool too I guess.
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